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SEC intensifies efforts to tackle identity theft in capital market

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THE Securities and Exchange Commission has stated that the Identity Management System being developed by the capital market would tackle the lingering identity management issues while allowing room for scalability as technology evolves.

  This was stated by the Director General of the SEC, Mr. Lamido Yuguda when he received members of the Committee on Identity Management for the Capital Market in Abuja.

  Yuguda described identity theft as a fraudulent practice of using another person’s name and personal information to obtain shares, credit and loans, among others, adding that the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.

  According to him, the problem of unclaimed dividends had to do with identity management, hence the commission is currently engaging stakeholders to harmonise various databases of investors and facilitate data accuracy in the market as well as increasing investors’ education to stem the trend.

  The SEC DG, who expressed satisfaction with the work of the committee so far, added that stakeholder engagements would commence in earnest to ensure success of the project.

  While thanking the members of the committee for lending their support and resources to the project, the SEC DG also expressed confidence in the success of the project that it would build a greater Nigeria and impact unborn generations.

  In his remarks, the chairman of the committee, AigbojeAig-Imoukhuede commended the commission on the recent release of Rules on Issuance, Offering Platforms and Custody of Digital Assets, saying that it was a step in the right direction.

  Mr. Aig-Imoukhuede said the committee’s work had exposed the need for standardisation of systems within the Nigerian Capital Market that would support Open Finance which the SEC can drive, adding that the SEC could leverage on the ccmmittee to develop the framework for the Nigerian capital market.

  Membership was drawn across the capital market, banking, payment system and technology/innovation enabler with the SEC as the secretariat. The committee is chaired by Mr. AigbojeAig-Imoukhuede.

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